Free Trial

Key Short-Term Support Still Exposed

EURJPY TECHS
  • RES 4: 144.28 High Jun 28 and key resistance
  • RES 3: 142.37 High Jul 5
  • RES 2: 140.75 20-day EMA
  • RES 1: 139.50 High Jul 6
  • PRICE: 137.55 @ 06:47 BST Jul 8
  • SUP 1: 137.27 Low Jul 6
  • SUP 2: 137.10 61.8% retracement of the May 12 - Jun 28 climb
  • SUP 3: 136.25 Low May 30
  • SUP 4: 135.40 76.4% retracement of the May 12 - Jun 28 climb

The EURJPY outlook is bearish following the recent reversal from 144.28, the Jun 28 high. This has resulted in a move below both the 20- and 50-day EMAs and on Wednesday, the cross attempted to break support at 137.85, the Jun 16 low. A clear breach of this level would strengthen bearish conditions and open 136.25, the May 30 low. Initial firm resistance is seen at 142.37, the July 5 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.